10 m yuan not enough to retire on, don warns

A statement by a top financial professor that people in big cities like Beijing may need at least 10 million yuan in savings for retirement has triggered hot debate.

Zhong Wei, professor of Beijing Normal University and a leading economist, said in an article in a business magazine that men usually survive for 17 years after retirement, while it is 24 years for women.

According to his hypothesis, a person can live up to 25 years after retirement due to longer life expectancy, so they need to save money equivalent to 20 years of their salary.